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27 February 2020

This week in "Brussels"



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My video invitation to the 160th Brussels for Breakfast on 11th March is here. Some seats are available at the live meeting at CISI, and I would be delighted to hear suggestions for topics that should be covered. E-mail me:

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Articles from 20 February 2020 - 27 February 2020

Banking Union

ISDA publishes results of consultation on fallbacks for derivatives referencing Euro LIBOR and EURIBOR : ISDA published a statement summarizing responses to a supplemental consultation on the spread and term adjustments that would apply to fallbacks for derivatives referencing euro LIBOR and EURIBOR. View Article
BIS working paper: Variability in risk-weighted assets: what does the market think? : The paper develops a new approach to measuring variability in banks' risk-weighted assets (RWAs), which compares a market-implied estimate of a bank's risk profile with the bank's own estimate. This variability ratio provides an external benchmark to assess the degree of difference in modelled capital requirements across banks and over time.  View Article
LSE: How the Basel Accord’s dependence on external institutions aggravated the 2008 financial crisis : Deficiencies in the Basel II accord, which set recommendations on banking regulation, have been highlighted as one of the main causes of the global financial crisis that emerged in 2008. Manuel Becker and Simon Linder explain that a particularly problematic feature was the accord’s reliance on so called ‘regulatory import’, where regulators incorporate governance from an external forum into their own regulations, thus making their own performance dependent on external institutions. View Article
EurActiv: EU eyes single space for European bank cards : The European Commission will present this autumn a strategy on an integrated EU payments market, to facilitate the use of national payment services across Europe and reduce the dependency from international card operators such as Visa or Mastercard. View Article
ISDA launches new consultation on pre-cessation fallbacks : ISDA launched a new consultation on how to implement pre-cessation fallbacks for derivatives. View Article

Capital Markets Union

Draft interim report of the High-Level Forum on Capital Markets Union : The report, which does not put forward any specific policy proposals yet, sets out a new vision for the future of the capital markets union and will guide the work of the Forum in the coming months.  View Article
EFAMA: 2019 UCITS and AIF results to strengthen the average return of investment funds : The European Fund and Asset Management Association (EFAMA) has published its latest monthly Investment Fund Industry Fact Sheet and 2019 overview of net sales data of UCITS and AIFs. View Article
ICMA’s ERCC publishes guide to reporting under the SFTR : The new reporting regime introduced by SFTR will start its phased implementation in April 2020 and will require detailed reporting by EU-incorporated or located entities of all securities financing transactions (including repo and reverse repo) to authorised trade repositories. View Article
EIOPA: Supervisory statement on ultra-low/negative interest rate environment : This environment is significantly impacting the insurance sector in the EU, in terms of asset allocation, reinvestment risk, profitability and solvency. It constitutes one of the most important sources of systemic risk for insurers for the coming years. View Article
EIOPA publicly consults on implementing technical standards for supervisory reporting and cooperation for the PEPP : The proposals specify the annual supervisory reporting requirements on Pan-European Personal Pension Product (PEPP) and formalise the notifications required by the PEPP Regulation to facilitate efficient processes in the cooperation between competent authorities and EIOPA. View Article
IPE: IASB gives go-ahead to hybrid schemes’ potential accounting solution : Members of the International Accounting Standards Board (IASB) have given staff the green light to carry on with the process of consulting stakeholders on a possible accounting solution to the challenges posed by so-called hybrid pension plans under International Accounting Standard 19 (IAS 19) Employee Benefits. View Article
EIOPA: Gabriel Bernardino: Winning the race towards a global Insurance Capital Standard : Gabriel Bernardino, EIOPA Chairman, says in his statement: “To develop an international standard is a hard task and requires patience, strong commitment and leadership. That’s what EIOPA expects from the leaders of all European supervisors and all European IAIGs.” View Article

Environmental, Social, Governance (ESG)


Valdis Dombrovskis - Le Figaro


Sustainable Finance: Commission launches public consultation on the review of the Non-Financial Reporting Directive : Meeting the objectives of the European Green Deal will require additional investments across all sectors of the economy, the bulk of which will need to come from the private sector. View Article
EESC side by side with the European Commission in promoting Europe's green future : The EESC throws its support behind the 2020 Commission work programme, underlining that civil society can make a valuable contribution to placing sustainable development at the core of people's personal and shared responsibility. View Article
LSE: Putting sustainable finance into practice : Ensuring that the investment portfolio contributes to the long-term sustainability of the planet is one of the key challenges organisations face today. Sustainable finance raises a lot of practical questions. Many initiatives have been launched to provide businesses with answers and help them navigate these expectations. View Article
IIRC opens call for feedback as it revises the International Framework : The IIRC is beginning the process of refreshing the International Framework, and calling for market feedback on specific themes that will inform the nature and direction of the revision. View Article
IPE: Asset owners offered EU taxonomy ‘compliance pre-screening’ tool : A tool has been launched to help asset owners and asset managers prepare for how their portfolios or investment products could look under the forthcoming European Union system for defining what economic activities count as environmentally sustainable. View Article
ACCA’s chief executive signs global call to action statement in response to climate change : Helen Brand, the chief executive of ACCA has joined forces with chief executives of other professional bodies in a call to urge the global accountancy profession to act now to respond to climate change with the scale and urgency needed. View Article
A4S: Call to action in response to climate change : 13 chief executives representing 14 accounting bodies have signed a call to action in response to climate change. The statement includes eight actions which accountants are called upon to take in response to the climate emergency. It also includes commitments from the bodies themselves in support of their members. View Article
EFRAG draft comment letter on Primary Financial Statements : EFRAG has published its draft comment letter in response to the IASB's Exposure Draft 2019/7 General Presentation and Disclosures and seeks constituents' views on the proposals. View Article
Accountancy Europe: Towards reliable non-financial information across Europe : The fact sheet sets out how European countries have transposed the Non-Financial Reporting Directive 2014/95 (NFR) into national law and the impact on the role of the statutory auditor and independent assurance service provider. View Article

Fin Tech Regulation

Jacques Delors Institute: Big Data, 5G and AI : This Policy Paper by Franca König explains why the inclusion of a security dimension is crucial for an innovative and competitive EU regarding digitalisation and cyber and how Europol, the EU’s agency for police cooperation, could help Commission president Von der Leyen to this end. View Article
EurActiv: EU eyes single space for European bank cards : The European Commission will present this autumn a strategy on an integrated EU payments market, to facilitate the use of national payment services across Europe and reduce the dependency from international card operators such as Visa or Mastercard. View Article

Friends' Standard Services



Graham Bishop video invitation for next Brussels for Breakfast : Graham Bishop suggests - and requests - ideas for the next Brussels for Breakfast debate on March 11th 2020. View Article

Economic Policies Impacting EU Finance

EurActiv: EU leaders fail to agree on first post-Brexit budget as divisions grow : EU countries failed to narrow deep differences over the bloc’s next seven-year budget as a group of net contributors refused to approve bigger spending and instead pushed for big cuts for farmers and poorer regions, in a bid to fill a €75 billion hole left by Brexit. View Article
New Europe: ECB upbeat about Eurozone growth : European Central Bank policymakers expressed confidence in the Eurozone’s growth prospects last month and in easing of the trade tensions between the US and China. View Article
BIS: Philip R Lane: The monetary policy toolbox - evidence from the euro area : Keynote speech by Mr Philip R Lane, Member of the Executive Board of the European Central Bank, in which he shares his views on the analysis of unconventional monetary policies. View Article

Basic Enconomic Indicators

Annual inflation up to 1.4% in the euro area : The euro area annual inflation rate was 1.4% in January 2020, up from 1.3% in December. European Union annual inflation was 1.7% in January 2020, up from 1.6% in December View Article

EU27 Politics

General Affairs Council : The Council exchanged views on relations with the UK and adopted the negotiating mandate for the upcoming talks. Ministers also discussed plans for legislative work and heard presentations on the revised enlargement methodology and the new European rule of law mechanism. View Article
Financial Times: Angela Merkel and Emmanuel Macron: Europe’s missed chance : German and French leaders’ hesitation could be fatal, warns Philip Stephens. View Article
Carnegie Europe: How the EU can survive in a geopolitical age : The EU’s traditional business model is not fit for a world of power politics. Whether the EU can protect its interests and values in this new situation will depend on stronger and more decisive leadership. View Article
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="" /> FT Brussels
Top City bosses reject post-Brexit ‘Singapore on Thames’
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
Boris Johnson's office says only full independence from EU rules will do—and the U.K. is willing to walk away from talks if necessary
Graham Bishop #FBPE retweeted
#Brexit: New UNCTAD estimates show that the UK ???? risks losing up to 14% ($32 billion) of its exports to the EU ????.
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
“The trade deal will be associated with a fisheries agreement and a level playing field, otherwise there won’t be any agreement at all"
Graham Bishop #FBPE retweeted
Ursula von der Leyen Ursula von der Leyen
? Mandate approved. Ready to go. Negotiations with the #UK will begin the week of 2nd March. We stand ready to build a close, ambitious partnership with the UK. This is good for people, good for business. #NewBeginnings ????????
Graham Bishop #FBPE retweeted
European Commission ???? European Commission ????
We welcome the @EUCouncil's decision today to authorise the opening of the future partnership negotiations with the UK. Read more →!hr49uy #NewBeginnings ????????
Graham Bishop #FBPE retweeted
Jennifer Rankin Jennifer Rankin
Now official: EU ministers have just adopted Michel Barnier's negotiating mandate, meaning talks can begin next week.
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="" /> FT Brussels
UK lays down red line for Brexit trade talks
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
U.K. immigration overhaul could harm small businesses already struggling with Brexit and recruitment, warns industry group
Graham Bishop #FBPE retweeted
Jennifer Rankin Jennifer Rankin
France's Europe minister: "Just because Boris Johnson wants an agreement at any cost doesn't mean we will sign a bad deal for the French, under pressure of blackmail or the timetable." France will not sacrifice, she says, French fishermen, farmers or companies.…

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